Sign in

You're signed outSign in or to get full access.

EB

EKSO BIONICS HOLDINGS, INC. (EKSO)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue of $4.23M grew 2% YoY and rebounded 105% QoQ after an unusually weak Q2; gross margin expanded to 60.3% (up 680 bps YoY and 2,050 bps QoQ), driving a 31% YoY and 48% QoQ improvement in net loss to $(1.4)M .
  • Results were modestly above S&P Global consensus: revenue $4.16M* vs. actual $4.23M (≈+1.7% surprise), and EPS $(0.97)* vs. $(0.54) actual (beat by ~$0.43) .
  • Management highlighted a mix shift toward higher‑margin sales (Enterprise Health) and cost controls; announced a strategic review exploring potential acquisitions outside current industry and/or sale of substantially all current business .
  • Liquidity update: cash was $2.7M at 9/30/25; post‑quarter, the company announced a $3.7M gross registered direct offering to bolster working capital .
  • Potential stock catalysts: margin trajectory improvement, conversion of deferred multi‑unit Enterprise Health orders (discussed on Q2 call), progress in Personal Health reimbursement funnels, and outcomes of the strategic alternatives review .

What Went Well and What Went Wrong

What Went Well

  • Margin and profitability trajectory: Gross margin reached 60.3% (up 680 bps YoY; up 2,050 bps QoQ), driven by lower device costs and improved service margins, helping narrow the net loss to $(1.4)M .
  • Sequential revenue rebound: Revenue rose 105% QoQ to $4.23M, recovering from Q2’s delays in multi‑unit Enterprise Health deals and benefiting from higher‑margin mix .
  • Cost discipline: Sales & marketing ($1.3M), R&D ($0.6M), and G&A ($2.1M) all declined YoY due partly to ERC credits and lower headcount/discretionary spend .
  • CEO tone: “We were able to successfully navigate through an unusually challenging second quarter… remain focused on executing our growth strategy while carefully managing our resources.” — Scott Davis (CEO) .

What Went Wrong

  • Revenue growth still muted YoY: Revenue up only 2% YoY despite the large QoQ rebound, reflecting underlying softness in Enterprise Health device sales vs. prior year .
  • Cash balance decline QoQ: Cash fell to $2.7M at 9/30/25 from $5.2M at 6/30/25, necessitating a post‑quarter $3.7M gross equity raise to support operations .
  • Strategic review introduces uncertainty: Company is exploring transactions possibly including acquisition outside current industry and/or sale of substantially all current business, with no timeline or assurance of completion .

Financial Results

Headline P&L vs. Prior Year and Prior Quarter

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD Millions)$4.129 $2.057 $4.227
Gross Profit ($USD Millions)$2.209 $0.819 $2.549
Gross Margin (%)53.5% 40.0% 60.3%
Total Operating Expenses ($USD Millions)$4.848 $4.794 $3.951
Net Loss ($USD Millions)$(2.072) $(2.709) $(1.421)
Diluted EPS ($)$(1.53) $(1.24) $(0.54)

Notes:

  • YoY growth: Revenue +2%; margin +680 bps; net loss improved by ~$0.65M; EPS improved by $0.99 .
  • QoQ growth: Revenue +105%; margin +2,050 bps; net loss improved by ~$1.29M; EPS improved by $0.70 .

Consensus vs. Actuals (S&P Global)

MetricConsensus (Q3 2025)*Actual (Q3 2025)Surprise ($)Surprise (%)
Revenue ($)4,156,500*4,227,000 70,5001.7%
Primary EPS ($)(0.965)*(0.54) +0.425N/A

*Values retrieved from S&P Global.

KPIs and Balance Sheet Highlights

KPIQ1 2025Q2 2025Q3 2025
Cash and Restricted Cash ($USD Millions)$8.1 $5.2 $2.7
Weighted Avg. Shares (Basic & Diluted, 000s)25,393 2,180 2,616

Additional notes: Share count figures reflect impacts from prior capital structure actions; per‑share metrics should be compared within period context .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Financial guidance (Revenue, Margins, OpEx, etc.)Q4/FY 2025NoneNone providedN/A
Strategic updateN/ANot previously announcedExploring acquisitions outside current industry and/or sale of substantially all current business; timing uncertain and subject to shareholder approval if pursued New disclosure

No formal quantitative guidance ranges were provided in Q3 materials .

Earnings Call Themes & Trends

(We did not locate a Q3 2025 earnings call transcript in the system; themes for the current period reflect Q3 press release disclosures.)

TopicQ1 2025 (Prior‑2)Q2 2025 (Prior‑1)Q3 2025 (Current)Trend
Personal Health (Indego) ramp & reimbursementLaunched scalable go‑to‑market; engaged PRIA; named NSM (CRT exclusive) and Bionic P&O; growing Medicare beneficiary pipeline (>35) Pipeline grew to >45; first NSM order; additional Medicare claims via Bionic P&O; ALJ process seeing positive outcomes Not reiterated in detail; sequential revenue rebound; margin mix favorable Building pipeline and channel; gradual progress
Enterprise Health demand & deferred ordersSoftness from capital budget constraints at IRFs; renewals expected in 2025 Two multi‑unit device deals (~$1.4M total; ~$1.0M NA IDN) deferred from Q2; management expected closure in 2H25 Higher‑margin sales aided gross margin; no specific order update in Q3 PR Recovery underway; timing risk remains
AI/Technology initiativesSet foundation; positioning for personal adoption Joined NVIDIA Connect; launched AI voice agent proof‑of‑concept for EksoNR; leveraging 350k sessions/15M steps dataset Not highlighted in Q3 PRLonger‑term enabler; near‑term muted in Q3 PR
Macro/budgets & grantsCapital budgets softened; some grants uncertain Short‑term delays; working on financing options for customers; ~10% of NA enterprise customers use federal/outside grants Cost controls/efficiency aided results; no new macro color Headwind easing QoQ but persists
Strategic alternativesN/AN/AExploring acquisitions outside current industry and/or sale of substantially all current business; no timetable New; introduces optionality and uncertainty

Management Commentary

  • “As demonstrated by our revenue rebound, increased gross margin and improved bottom line in Q3‑2025, we were able to successfully navigate through an unusually challenging second quarter. Moving forward, we remain focused on executing our growth strategy while carefully managing our resources.” — Scott Davis, CEO .
  • Q2 context on deferred orders: “Two multi‑unit device sales… one international order delayed due to regulatory challenges… [and] a North American IDN… in the million dollar range… about $1.4 million [in total].” — Scott Davis .
  • Q2 on Personal Health scaling: “Pipeline of more than 45 Medicare beneficiaries… AI initiatives via NVIDIA Connect and AI voice agent for EksoNR; leveraging 350,000 patient sessions and over 15 million step‑by‑step data points.” — Scott Davis .

Q&A Highlights

(No Q3 2025 call transcript located; highlights below reference the Q2 2025 Q&A for near‑term context.)

  • Deferred deals and timing: ~$1.4M in deferred multi‑unit Enterprise Health sales (≈$1.0M NA IDN) expected to occur in 2H25, with confidence on closure .
  • Personal Health reimbursement: Claims progressing through CMS; one ALJ case remanded and approved; focus on stronger documentation with PRIA/partners to improve success rates .
  • Grant exposure: Approx. 10% of North American enterprise customers rely on federal/outside grants; budget uncertainty is a factor in timing .

Estimates Context

  • Q3 2025 revenue modestly beat S&P Global consensus by ~1.7% ($4.23M actual vs. $4.16M estimate*); EPS loss of $(0.54) beat the $(0.97) estimate* by ~$0.43, driven by margin expansion and lower OpEx .
  • Given the QoQ rebound and 60%+ gross margin, forward estimates may reflect improved margin assumptions and potentially a smoother Enterprise Health order cadence, but continued capital budget and grant uncertainties warrant caution .

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Margin inflection: 60.3% gross margin and reduced OpEx drove a substantial EPS beat vs. S&P Global consensus, signaling healthier unit economics and service profitability .
  • Demand normalization: A sharp QoQ revenue rebound suggests Q2’s shortfall was timing‑related; sustained conversion of deferred orders remains the near‑term swing factor .
  • Liquidity actions: Cash of $2.7M at Q3‑end followed by a $3.7M gross equity raise strengthens near‑term runway for working capital and strategic initiatives .
  • Personal Health optionality: Channel buildout (NSM, Bionic P&O) and reimbursement process maturation could increase Personal contribution over time, diversifying growth drivers .
  • Strategic review: Active exploration of acquisitions outside current industry and/or sale of substantially all current business adds optionality but also uncertainty on medium‑term strategy and valuation path .
  • Watch list: Closure of deferred Enterprise Health deals, Medicare claim throughput rates for Indego Personal, pace of AI feature integration, and any updates on strategic alternatives .

Sources and citations:

  • Q3 2025 8‑K and press release (financials, margins, cash, strategic review): .
  • Q2 2025 8‑K/press release and call (context on deferred orders, reimbursement, grants): .
  • Q1 2025 8‑K/call (Personal channel and macro context): .
  • Financing press release (10/29/25): .
  • Consensus estimates (S&P Global): Revenue and EPS for Q3 2025 marked with asterisks; “Values retrieved from S&P Global.”